New York, New York–(Newsfile Corp. – July 23, 2021) – Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of CorMedix Inc. (“CorMedix” or the “Company”) (NASDAQ: CRMD) from July 8, 2020 through May 13, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the District of New Jersey alleges violations of the Exchange Act of 1934.
If you purchased CorMedix securities, and/or would like to discuss your legal rights and options please visit CorMedix Shareholder Class Action Lawsuit or contact Noah Wiesner toll free at (877) 779-1414 or [email protected]
The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) deficiencies existed with respect to DefenCath’s manufacturing process and/or at the facility responsible for manufacturing DefenCath; (ii) in light of the foregoing deficiencies, the FDA was unlikely to approve the DefenCath NDA for catheter-related bloodstream infections (“CRBSIs”) in its present form; (iii) Defendants had downplayed the true scope of the deficiencies with DefenCath’s manufacturing process and/or at the facility responsible for manufacturing DefenCath; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On March 1, 2021, CorMedix issued a press release “announc[ing] that the [FDA] cannot approve the [new drug application (“NDA”)] for DefenCath…in its present form.” CorMedix informed investors that the “FDA noted concerns at the third-party manufacturing facility after a review of records requested by FDA and provided by the manufacturing facility.”
On this news, CorMedix’s stock price fell $5.98 per share, or 39.87%, to close at $9.02 per share on March 1, 2021.
Then on March 13, 2021, CorMedix announced that “[b]ased on our analyses, we have concluded that additional process qualification will be needed with subsequent validation to address the deficiencies identified by FDA.”
On this news, CorMedix’s stock price fell $1.51 per share, or 19.97%, to close at $6.05 per share on May 14, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than September 20, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased CorMedix securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/cormedixinc-crmd-shareholder-class-action-lawsuit-fraud-stock-418/apply/ or contact Noah Wiesner toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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